Summary
Chung Mong-Koo is the honorary chairman and former CEO of Hyundai Motor Group, the third largest automaker in the world. He is the eldest surviving son of Hyundai Group founder Chung Ju-yung.
Chung joined his father’s business when he started his career at Hyundai Motor in 1974. Hyundai Group grew at a rapid pace in the 1970s and 1980s, and Chung took on the role of overseeing new businesses and subsidiaries while his father built a heavy industry juggernaut that made everything from ships to cars to buildings.
Chung’s management skills came to light when he became the first president of Hyundai Precision and Industry (now Hyundai Mobis). Under his leadership, the company’s container business gained a global market share of 40 percent. He spearheaded the production of Galloper, Hyundai’s mid-sized SUV. The Galloper sold 3,000 units within three months of its launch in 1991, and by the following year it accounted for more than 50 percent of the domestic SUV market. His father was pleased with Galloper’s success, and in 1995 Chung was promoted to chairman of Hyundai Group.
However, the conglomerate split into several groups in 2000, when Chung Mong-Koo and his younger brother Chung Mong-Heon clashed over control of the group. The so-called “succession war” ended with his brother gaining control of the Hyundai Group. Chung Mong-koo took over the Hyundai Motor division and separated from the Hyundai Group. At the time, the company was worth 31.7 trillion won in assets. Within 20 years he built Hyundai Motor Group into a sprawling conglomerate with 54 subsidiaries, and worth $234 trillion won in assets.
Timeline
▲ March 19, 1938 = Born as the second son among eight sons and three daughters in Songjeon-myeon, Tongcheon-gun, Gangwon Province.
▲ 1959 = Graduated from Kyungbock High School (34th class).
▲ 1967 = Earned a Bachelor’s degree in Industrial Management (now Industrial Engineering) from Hanyang University College of Engineering.
▲ February 1970 = Joined Hyundai Motor Company (Manager of the Parts Department, Seoul Office).
▲ March 1973 = Director of the Materials Department at Hyundai Construction.
▲ February 1974 = President and CEO of Hyundai Motor Service.
▲ July 1977 = President and CEO of Hyundai Precision & Industries.
▲ February 1981 = President and CEO of Hyundai Steel Pipe.
▲ January 1983 = 4th Chairman of the Korea Container Industry Association.
▲ February 1984 = Director of the Federation of Korean Industries.
▲ November 1986 = President and CEO of Hyundai Development Company.
▲ January 1987 = President and CEO of Incheon Steel.
▲ February 1987 = Chairman of Hyundai Precision & Industries.
▲ February 1987 = Chairman of Hyundai Motor Service.
▲ February 1987 = Chairman of Hyundai Steel Pipe.
▲ February 1987 = Chairman of Hyundai Development Company.
▲ February 1987 = Chairman of Incheon Steel.
▲ 1989 = Honorary Doctorate in Humanities from Central Connecticut State University.
▲ March 1994 = Chairman of Hyundai Space & Aircraft Company.
▲ January 1996 = Chairman of Hyundai Group.
▲ February 1997 = Vice Chairman of the Federation of Korean Industries.
▲ March 1999 = Chairman of Hyundai Motor Company.
▲ July 1999 = Chairman of Kia Motors.
▲ September 2000 = Appointed Chairman of Hyundai Motor Group following the spin-off and launch of a specialized automotive group.
▲ December 2000 = Relocation of Hyundai Kia Motors’ Yangjae-dong Office.
▲ April 2001 = Fair Trade Commission officially designates Hyundai Motor Group as one of the top 30 large business conglomerates.
▲ April 2002 = Groundbreaking of Hyundai Motor’s U.S. factory.
▲ October 2002 = Establishment of Hyundai Motor’s China factory (Beijing Hyundai).
▲ May 2003 = Launch of Hyundai Kia Automotive Group Namyang Comprehensive Research Center (Hwaseong, Gyeonggi Province).
▲ July 2004 = Hyundai Motor reaches cumulative exports of 10 million units.
▲ October 2004 = Acquisition and merger of Hanbo Steel’s Dangjin factory by Hyundai Steel.
▲ May 2005 = Operation of Hyundai Motor’s U.S. factory begins.
▲ June 2006 = Hyundai Motor ranks first in J.D. Power new car quality survey (general category).
▲ April 2007 = Completion of Kia Motors’ Slovakia factory.
▲ October 2007 = Hyundai Motor completes full lineup of independently developed diesel engines.
▲ January 2008 = Launch of Hyundai Motor’s Genesis.
▲ November 2008 = Operation of Hyundai Motor’s Czech factory begins.
▲ January 2009 = Hyundai Motor’s Genesis selected as North America’s Car of the Year.
▲ June 2009 = Hyundai Motor enters the top 100 global automotive parts suppliers, ranking 19th.
▲ February 2010 = Completion of Kia Motors’ U.S. factory.
▲ April 2010 = Completion of Hyundai Steel’s integrated steel mill.
▲ April 2011 = Acquisition of Hyundai Construction.
▲ November 2012 = Completion of Hyundai Motor’s Brazil factory.
▲ February 2013 = World’s first mass production of hydrogen fuel cell vehicles.
▲ September 2013 = Completion of Hyundai Steel’s third blast furnace.
▲ April 2014 = Groundbreaking of Hyundai Steel’s special steel factory in Dangjin.
▲ October 2015 = First entry into the top 30 global brands, 29 years after entering the U.S. market, with 10 million units sold.
▲ February 2016 = Launch of Hyundai’s future mobility IONIQ.
▲ June 2017 = Genesis ranks first in new car quality survey in its first year of entry into the U.S. premium brand category.
▲ August 2017 = World’s first unveiling of the next-generation hydrogen electric vehicle.
▲ June 2018 = Ranked second in the U.S. new car quality survey for general brands.
▲ August 2018 = Successful autonomous driving of Korea’s first large truck.
▲ October 2020 = Honorary Chairman of Hyundai Motor Group.
